Rail bonds proposal on track

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Investors are giving a cautious welcome to the UK rail authority’s proposal to issue bonds to fund maintenance of the network. But investors may demand a small premium because of last year’s uncertainty over whether holders of bonds in Railtrack – the former owner of the UK’s rail network – would be repaid in full after the government put the company into administration.

Tim Webb, bond portfolio manager at Barclays Global Investors, says: “Bondholders going forward will look into every

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